Before an entity may operate as a provider-sponsored organization under the federal Medicare+Choice Program, the entity must obtain a license from the Commissioner. The Commissioner shall issue a license under paragraph (1) of this subsection to any entity to operate as a provider-sponsored organization that meets the requirements of subsection (b) of this section. To operate as a provider-sponsored organization under the federal Medicare+Choice Program in this State, an entity shall: Meet the definition of a provider-sponsored organization under § 19-7A-01 of this subtitle; and Meet the requirements applicable to a health maintenance organization under Subtitle 7 of this title to the extent those requirements are not preempted by federal law.